IRS Intensifies Scrutiny Of Crypto With Surge In Warning Letters
2025-06-30 03:52:34
Main Idea
The IRS is increasing scrutiny on cryptocurrency investors with a surge in warning letters, as crypto prices rebound and tax inquiries rise dramatically.
Key Points
1. The IRS has intensified its scrutiny of cryptocurrency investors, sending out a significant number of warning letters regarding tax compliance.
2. CoinLedger reported a ninefold increase in support inquiries related to IRS communications from May to June compared to the same period in 2024.
3. Many investors receiving IRS letters had accounts on the Seychelles-based crypto exchange Poloniex, raising questions about data access by the IRS.
4. The IRS's actions follow its acquisition of thousands of customer records from Coinbase in 2017, indicating broader enforcement efforts.
5. Crypto tax attorneys note a marked uptick in IRS inquiries, with many investors randomly selected to receive these letters.
Description
As crypto prices see a new rebound with Bitcoin (BTC) leading the pack, US investors are not only anticipating significant returns on BTC and other digital assets but also facing increased scrutiny from the Internal Revenue Service (IRS). Recent reports indicate that the Internal Revenue Service has dispatched a wave of warning letters to crypto investors, raising alarms about the accuracy of the information they provided on their tax returns. Crypto Tax Inquiries Skyrocket In the past two month...
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